The Two-Wheeler Policy is a new policy that was announced by the government in order to make it easier for people to own two wheelers. There are many changes that have been made as part of this policy, and it is important for people to understand what these changes to the Two-Wheeler policy are. In this blog post, we will discuss the essential key points of the Two-Wheeler Policy that you must know.
Let’s get started.
The first and the most important thing that you must know about is the coverage of this policy. The Two Wheeler Policy covers all kinds of two-wheelers, including motorcycles, mopeds, and scooters. The insurance providers usually offer the coverage in various amounts depending on the extras, the two-worth, wheeler’s third-party liabilities, accidental damage, etc.
It would be beneficial if you choose an insurance that protects you from the greatest amount of harm, whether it be monetary or legal. A two-wheeler insurance plan offer coverage against:
- Personal accident
- Loss due to natural disaster
- Loss due to man made disaster
- Third party legal liability
A Two-Wheeler insurance premium varies depending on the vehicle’s price and the advantages it offers. The Motor Vehicles Act 1988 has made Two-Wheeler insurance compulsory for all vehicles plying on Indian roads. Therefore, be sure the coverage provided by the insurance policy matches the cost you pay. It is preferable to choose a comprehensive plan that covers third-party liability, own damage and personal accident coverage in addition to third-party bike insurance.
Hassle-Free and Cashless Claims
The Two-Wheeler Policy comes with a host of benefits that makes it an attractive proposition for customers. One of the key advantages is the hassle-free and cashless claim settlement process. The policy covers damages caused to your two-wheeler due to accidents, fire, theft, and natural calamities.
In case of any mishap, you just have to call the toll-free number or log in to the website and register your claim. The insurance company will then send an assessor to survey the damage and settle the claim without any delay.
Insured Declared Value of the Two-Wheeler
The Two-Wheeler Policy now has a provision for the Insured Declared Value or IDV of the two-wheeler. The IDV is the current market value of your two-wheeler, and in case of an accident, this is the amount that will be paid out to you by the insurance company.
Previously, there was no concept of an IDV in Two-Wheeler Policy and in case of an accident, only the depreciated value of your vehicle was paid out to you. However, with the new Two-Wheeler Policy, you will now get the full market value of your vehicle in case of an accident.
No Claim Bonus (NCB)
As the name suggests, NCB is a discount that you get on your premium amount when you have not made any claims during your policy period. This discount will keep increasing every year provided you don’t make any claim. The maximum discount that you can avail is 50%.
The Bottom Line
The Two-Wheeler Policy is a great way to save money on your car insurance. If you have a two-wheeler, you should definitely check it out. You may be able to get a lower rate than you are currently paying.